If you are still living under the rocks, let us tell you Elon Musk is the new owner of the social media behemoth Twitter. Yes, months after placing the initial bid to purchase the social media giant in April, Elon Musk has officially bought Twitter.
But this is not the only news you need to hear. What’s more shocking is after taking over Twitter Inc, billionaire Elon Musk fired the social networking sites company’s four top executives, along with CEO Parag Agrawal as well as legal executive Vijaya Gadde, as his initial or could be a smart move that only Elon Musk knew about.
Who Else Got Fired and How Much Compensation They’ll Be Getting?
Following Twitter’s takeover, Elon Musk fired CEO Parag Agarwal. And though, while he is losing something, he is also acquiring significantly. Agrawal is obligated to substantial financial compensation.
According to a report released, CEO Parag Agrawal has indeed left the San Francisco head office and will never return.
Agarwal, on the other hand, isn’t going to be leaving empty-handed. According to the latest reports, Agrawal will receive approximately $42 million, which includes a year’s basic pay and amplified vesting of all equity awards.
But, What’s the Reason Behind the Sudden Termination?
Musk confronted Twitter CEO Agrawal of deceiving him but also Twitter stockholders about the number of forged accounts on the social networking site.
The reasons for the terminations have not been made public. Even so, Agrawal’s official Twitter account still states that he serves as Twitter’s CEO. He has also made no further declarations or tweets about the big move.
Who Exactly is CEO Parag Agrawal?
Parag Agrawal, an IIT Bombay graduate, joined Twitter in October 2011. He was later named Twitter’s first Distinguished Engineer for his work in revenue as well as consumer engineering.
According to Twitter, his task there had a massive effect on the re-acceleration of viewership growth in 2016 and 2017. Twitter appointed Parag as its CTO in October 2018.
On November 29, 2021, Jack Dorsey decided to resign from Twitter, and the Twitter committee named Parag as the company’s current CEO.
Parag, 38, is one of the youngest CEOs in big tech, and he is the same age as Mark Zuckerberg.